24.06.2024 Hotel management platform Quendoo has attracted funding from BDB Capital Investment Fund
Hotel and vacation property management company Quendoo has become part of the Capital Investment Fund's portfolio. This is the tenth deal for the fund part of the Bulgarian Development Bank Group, which has so far invested capital for the growth of small and medium-sized companies in the country in the amount of more than BGN 30 million.
Quendoo enters the Bulgarian market in February 2022, offering a comprehensive cloud-based solution for increase in the online presence and sales revenues of the hotels. The platform integrates essential digital tools to optimize occupancy for hotels and vacation rentals, including a booking engine, marketing channel management tool and website generator.
Up to this moment Quendoo's reservation system is used by more than 300 hotels, including many four- and five-star hotels on the Black Sea coast and mountain resorts. It allows them to direct the majority of customers to book their stay directly through the hotel's website. In this way, the hotel owners save costs on fees and commissions to other platforms and tour operators. As a result, the company has enjoyed rapid growth with monthly transactions reaching from €0 to €7 million within 18 months.
In addition to presenting availability and rates for accommodation, Quendoo allows for season-based pricing, as well as the ability to connect to other portals such as Booking.com, Airbnb, etc. Thus, when a hotelier logs into their Quendoo account and changes a price, it is simultaneously updated on the other sites. Quendoo also allows hotels to quickly make their websites functional and attractive through the possibility for card payments.
With the help of the Capital Investment Fund, the company plans to expand its presence in new markets by developing new technology solutions - Quendoo Core and Revenue Manager. Quendoo Core is a cloud-based hotel management system (PMS) with the ability to easily integrate all third-party hotel applications with an open API. This allows for easy upgrades, optimization to needs and great flexibility for hoteliers in choosing which software applications and systems to work with. And Revenue Manager, as one of the applications under Quendoo Core, will make it easier for them to manage their rates and optimize their revenue from different booking channels.
The Capital Investement Fund of BDB helps Bulgarian companies grow and reach their potential through equity investments of up to BGN 5 million. The CIF's portfolio includes the technology companies Eurotrust, Barin Sports, YUPASS and IPS, the smart bicycles Econic One, as well as the manufacturers of children's shoes Kolev and Kolev, of soundproofing solutions - Decibel, and of paragliding accessories - Fly the Earth.
The fund has also realized its first successful exit - from the investment in the furniture company M2 PROM, which in 2022 was acquired by the French giant in the equipment of commercial spaces "Lindera Group".
